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INTERNATIONAL TOTALIZATOR SYSTEMS RELEASES 1992 FISCAL YEAR-END AND FOURTH-QUARTER RESULTS

 CARLSBAD, Calif., March 29 /PRNewswire/ -- International Totalizator Systems Inc.(R) (NASDAQ: ITSI) recorded a net loss of $629,000, or $0.06 per share, on $19.8 million in revenue for the fiscal year ended Dec. 31, 1992. These results compare with net income of $1.7 million, or $.18 per share, on $29.5 million in revenue recorded in the fiscal year ended Dec. 31, 1991.
 Results for the quarter ended Dec. 31, 1992, were a net loss of $495,000, or $0.05 per share, on $3.9 million in revenue. The same quarter in fiscal 1991 yielded net income of $642,000, or $0.07 per share, on $6.2 million in revenue.
 Revenue decreased mainly because of a lower level of contract business in 1992. As part of a strategic plan, the company has pursued service agreements as an additional source of revenue. Cost of sales as a percentage of revenue increased primarily because of unfavorable manufacturing variances from lower volume. Engineering, research and development increased as a percentage of revenue. Selling, general and administrative costs also increased as a percentage of total revenue as a result of lower volume without a corresponding reduction in costs, largely because of the start-up of the company's new long-term service agreements. In the fourth quarter, costs related to a shareholder lawsuit increased as a result of the company's efforts to negotiate a resolution of this litigation. The company has come to preliminary terms with the plaintiffs which will not have an impact on future operations.
 Backlog at year end totaled $16.8 million. Approximately $13.5 million of that total is expected to be recognized in 1993.
 INTERNATIONAL TOTALIZATOR SYSTEMS INC.
 Statement of Operations
 (Thousands of dollars except per share amounts)
 Three months ended 12 months ended
 Dec. 31, Dec. 31,
 (Unaudited) (Audited)
 1992 1991 1992 1991
 Revenues $3,883 $6,210 $19,837 $29,491
 Net income (loss) ($495) $642 ($629) $1,701
 Earnings per
 common share: ($.05) $.07 ($.06) $.18
 -0- 3/29/93
 /CONTACT: Karen Patchen of International Totalizator Systems, 619-931-4027/
 (ITSI)


CO: International Totalizator Systems Inc. ST: California IN: CPR SU: ERN

BP-JL -- SD005 -- 0668 03/29/93 16:17 EST
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Publication:PR Newswire
Date:Mar 29, 1993
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